Let me be one of the 10, and let’s shoot for 20 or 30 answers: it’s either “O-E-Ah E-O-Ah” or “O-E-Uh E-O-uh”. Then again, it could be “O-E-Ah E-O-uh”. I used to sing in a choir with a leader who was a stickler for correct vowel sounds. We were taught to sing “E” by dropping the jaw as if to sing “Ah” but lifting the tongue to make it a soft “E” instead of the usual pop singer’s strained “EEEEE”.

I always heard it as “O-E-O, E-Yo-O”. Here’s what the IMDb has to say about other variations:

There are many alleged lyrics to the “Winkie Chant” performed by the Witch’s guards, including “All we own, we owe her”, “Oh we love the old one”, and “Oh we loathe the old one”. However, the correct version, seen in the film’s screenplay, is “O-Ee-Yah! Eoh-Ah!” and any other interpretations are simply the result of the listener’s mind treating the chant as an audio ink blot.